Star Entertainment has made admissions in AUSTRAC’s action alleging non-compliance with anti-money laundering and counter-terrorism financing laws, but there are still substantial issues in dispute, a court has heard.
Star Entertainment coughed up $595 million in regulatory and legal costs in the 2023 financial year, as it faces ongoing disputes with ASIC and AUSTRAC and an $80 million class action.
SkyCity has set aside $45 million for its legal costs and a possible penalty in AUSTRAC proceedings alleging it allowed $4 billion in suspicious transactions at its casino.
SkyCity may be the first company to test the strength of AUSTRAC’s claims in court, according to a judge who recently said in a separate case that the regulator’s habit of agreeing to penalties could give rise to a “moral hazard”.
The Commonwealth Bank has failed again to dismiss a case brought by customers who claim they were the victims of a money laundering scam known as cuckoo smurfing and had funds seized as proceeds of crime.
A judge has approved a $450 million penalty put forward by Crown Resorts and AUSTRAC despite reservations about evidence going to the casino operatorās financial position.
The judge asked to approve a proposed $450 million penalty in AUSTRACās case against Crown Resorts has questioned whether the practice of regulators settling enforcement action ahead of trial gave rise to a “moral hazardā problem.
Bank of Queensland has been called out by two regulators over its compliance with anti-money laundering and counter-terrorism financing laws and its risk management practices.
Crown Resorts has reached agreement with AUSTRAC to pay a $450 million penalty for the casino operator’s serious breaches of the anti-money laundering and counter-terrorism financing laws.
The South Australia gambling commissioner has directed SkyCity Adelaide to appoint an independent expert to review its anti-money laundering and counter-terrorism financing programs after AUSTRAC alleged it allowed $4 billion in suspicious transactions at its casino.